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Meanwhile, ADMT has set guidance for its $602m non-prime deal
Fortress agrees forward flow for €500m of unique assets
Cash SRT pipeline fires up earlier than usual
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After issuers brought a wave of RMBS deals beyond agency and prime jumbo offerings in 2016, sources say they are expecting "non-traditional" mortgage collateral to drive volume in 2017. -
A shortage of supply is driving strong demand for UK RMBS transactions, with deals backed by well seasoned mortgages as well as newly originated assets both attracting heavy levels of interest this week.
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A spike in 10 year US Treasury yields has pushed up mortgage rates and curtailed new mortgage production in 2017, but a slowdown in the trend has observers questioning the direction of the Treasury and mortgage markets under President Donald Trump.
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Proponents of “green mortgage loans”, lent against energy efficient homes, argue they are less likely to default and deserve a lower risk weighting than conventional mortgage lending. But it’s a long shot, and there are plenty of other ways to promote the market.
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Swedish non-conforming mortgage lender BlueStep Bank has mandated lead managers for a new euro-denominated Swedish RMBS deal, after meeting investors in January.
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Kensington Mortgage Company mandated leads for its first RMBS deal of the year on Friday, with the new Finsbury Square transaction including a mortgage prefunding reserve for the first time.
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Rabobank said on Thursday that its new covered bond programme would be launched in soft bullet format. The bank also plans to shrink its balance sheet with further portfolio sales and securitizations.
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Emboldened Congressional Republicans ramped up attacks against the US Federal Reserve on Wednesday, taking aim at the central bank’s role in negotiating international financial rules and its bond purchase programmes. But chair Janet Yellen was defiant, and said the Fed would remain a part of the Basel negotiations.
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Crédit Agricole priced its debut public French RMBS deal on Wednesday, after the bank reported full year results clearing the path for the deal.
